Finerji, founded by entrepreneur Aviv Sidon (chairman) and managed by David Meyer, successfully completes an initial public offering on the Tel Aviv Stock Exchange. As part of the offering, the company raised an amount of NIS 200 million at a value of NIS 780 million before cash, while receiving double the demand. The company will start trading during the next week, under the symbol Fenerg.
The legal advice is provided by “Pearl Cohen Tzedek Letzer Baretz”. EY are the company’s accountants. The underwriters of the offering are Lider Issues, Leumi Partners Underwriters and Menora Mivtachim Underwriting and Management.
Finerji, located in Kfar Saba, employs about 50 people, most of them in research and development of metal-air technology that enables the production of electricity from a combination of oxygen from the free air with metals (aluminum and zinc).
The company has developed the technology and demonstrated it for a variety of applications, including backing up energy to critical sites, extending the range for electric vehicles and also storing energy.
In the field of energy backup, after a fruitful collaboration with Cellcom, which included adaptation and characterization of a product that meets the requirements of energy backup for communications sites, Finerji entered into an agreement with Cellcom for the sale of hundreds of energy backup systems for communications sites.
In the field of electric vehicles, the company offers aluminum-air batteries that allow a significantly longer driving range than existing solutions, as well as a charging process of a few minutes, independent of the power grid.
The Indian giant Indian Oil made a strategic investment in Finnergy in early 2020 as part of a transition to green energy, with the use of aluminum produced in India as “fuel” for electric vehicles, instead of mostly imported lithium, strengthening India’s energy independence. Indian Oil has over 30,000 gas stations across India, which will form the infrastructure for the deployment of Finerji’s technology. Beyond that, Finerji is working to implement the technology with a number of electric vehicle manufacturers.
In the field of energy storage, Finergy is in the development stages of zinc-air batteries used for green energy storage. Finerji has entered into a partnership with Doral Energy to develop and implement renewable energy storage solutions.
Until the IPO, Finergy raised approximately NIS 240 million, including a pre-IPO round of NIS 30 million from institutional entities, private entities and existing shareholders. NIS 8 million from the pre-IPO round was raised from Doral Energy. In addition, Finergy received a number of grants from the Innovation Authority.
David Meyer, CEO of the company: “We welcome the great trust we have received. Finerji is a company that made a long journey that began at Bar Ilan University more than a decade ago, and continued with unique technological development and bringing a product to market. The IPO is a significant event in the company’s life and is an opening shot.” Technology. We are excited about the company’s achievements so far and the future to come. “
Aviv Sidon, Company Founder and Chairman of the Board: “I am glad that we raised on the Israeli stock exchange, and that we are entering an exciting phase of production and sales. We intend to use the IPO money to establish a serial production plant in Kfar Saba, which will allow us to meet the demand for advanced technology.” To this stage when the company’s employees hold share capital worth more than NIS 50 million ”